Tenet Group has stepped in with a rescue package to save Merchant House Financial Services (MHFS), after it announced it had gone into administration.

Tenet has acquired certain business assets of MHFS and intends to transfer all the company’s advisers into its ‘Aspire Financial Management Limited’ in-house AR.

The move affects approximately 70 MHFS advisers.

MHFS joined Tenet as an AR at the start of 2011.

Mike O’Brien, managing director of TenetConnect & TenetSelect, said: “Our main priority was to ensure continuity for customers, the advisers and a small number of staff who will also transfer to Tenet.

“This is not the first time we have provided this type of support and it demonstrates one of the major benefits of being part of a well-established and financially-secure network.

“Income streams are protected and there is no threat of the FSCS becoming involved in any claims.”